Mumbai, January 8: Walmart-owned Indian e-commerce giant Flipkart reportedly plans to lay off around 7% of its workforce following annual performance reviews. According to the reports and research, 2024 may witness many layoffs following the significant changes and adoption of automation. However, Flipkart will reportedly start laying off employees as a result of the ongoing performance evaluations. 

Walmart acquired 77% controlling stakes in Flipkart, striking a deal of $16 billion in 2018. However, that did not affect how the Indian e-commerce giant operated; the company underwent significant changes and upgrades on the platform. According to the report of The Economic Times, Flipkart may start laying off from 5% to 7% of its employees from March to April 2024. Generative AI To Assume 30% of Traditional Marketing’s Mundane Tasks by 2027 in Asia-Pacific Region. 

Last year, global e-commerce giant Amazon laid off employees from different divisions. The Indian e-commerce company Flipkart will start reducing its workforce and implementing a new restructuring plan in March 2024. According to the report by India Today, it would not be the first time the Indian e-commerce giant implemented layoffs based on the "performance metrics" in the past two years. The report mentioned a statement from Krishna Raghvan, Chief People Officer of the company denying the possibility of the job cuts. Instead, he reportedly stated that Flipkart hires people to avoid over-recruitment. Cybersecurity Alert: Cybercriminals Find New Way To Access Google Accounts Without Password, Says CloudSEK Report.

The India Today report mentioned that Flipkart's Chief People Officer said there are no "mass layoffs" happening at Flipkart. However, the report said the company froze hiring last year, and the main headquarters did not announce layoffs. The report mentioned that Flipkart's subsidiary fashion e-commerce cut 50 employees during a restructuring. However, following the restructuring plan of 2024, Flipkart may start cutting jobs and streamline operations across its current and new ventures. According to the report, Flipkart layoffs will be scheduled for discussions and finalisations with the company's senior executives next month. 

(The above story first appeared on LatestLY on Jan 08, 2024 12:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).